Buy Apartment in Israel

 

Housing in Israel

Israel is a small country with a flourishing economy and a booming population. Therefore, House construction has increased in Israel over the past 20 years.

Housing prices in Israel have fluctuated in the past but the overall trend has been an increase in property value.

The government constructed more public housing developments to accommodate immigrants. The private housing trend has also increased as foreigners are buying more apartments instead of just renting out.

Experts agree the long-term Israeli property prices will continue to increase as the developer are not able to keep up with the demand.

Can foreigners buy an apartment?

Israel is a country of immigrants, whether you are Israeli, Jewish, British, American, or non-Jewish, anyone can purchase property in Israel.

Israeli real estate provides a good opportunity for foreigners to make profitable investments.

However, buying an apartment for a foreigner requires qualified legal assistance. The apartments bought from a developer or a private owner require a different set of documents than the one from Land Authorities.

Some Israeli communities are very religious (Haredi) and home to Orthodox Jews. They celebrate Shabbat which is a Jewish holy day very strictly. If you are not very religious and don’t like getting locked into the house during these days you might want to reconsider.

Ownership of property

Most of the land in Israel is jointly owned by The State, The Development Authority, and the Jewish National Fund. There is no such law that can transfer such land to anyone.

However, they can be leased for different periods such as 49 or 99 years.

To find out if a piece of land is held by the government just contact the local Deed Register’s office.

The remaining 10% of the land that is privately owned is mostly located in urban areas. Chiefly in the large cities of Israel that are the hottest target in Israel for real estate investment.

This land is relatively much less restrictive.

Choosing a neighborhood

Residents, immigrants, and foreigners whether Jewish or non-Jewish can buy land anywhere in Israel.

However, there are some areas which foreigners should avoid like the Gaza strip and west bank due to land disputes with Palestine.

Consider the area, distance to work, medical facilities, and nearby schools if you have children before buying an apartment. If you don’t speak Hebrew, you may want to settle in a neighborhood with an English speaking majority.

Hottest targets for investments in Israel

The property prices in Israel vary from city to city as with every country.

The most popular cities are Tel Aviv, Jerusalem, Herzliya, and Haifa. The cities are popular due to their employment opportunities, history, and popular recreational areas.

Tel Aviv is the hottest target for real estate investments. It is located on the Mediterranean and full of Israelis and tourists. A 70 square meter apartment can cost from 1 to 3 million shekels.

Jerusalem is a prime location due to its employment opportunities and history. Being the capital of Israel, it provides many jobs for medical providers, government officers, and lawyers. A 70 square meter apartment can cost from 1 to 2 million shekels.

Haifa is the third-largest city in Israel. Recently, businesses have come here and the government is improving transportation and infrastructure. A 70 square meter apartment can cost from half to 1 million shekels.

Herzliya is home to many foreigners. It is a smaller town but with luxurious homes and is expensive as well. A 70 square meter apartment can cost 2 to 4 million shekels.